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Top 10 Largest Economies In The World 2024
The United States is the world’s largest economy with a GDP of approximately $26.94 trillion. GDP is used to estimate the size of a country’s economy. The country’s GDP is typically measured using the expenditure method, which calculates GDP by adding spending on new consumer goods, new investment spending, government spending, and the value of net exports. With the help of this article, you will be able to know the top 10 largest economies of the world by 2024 and the countries by GDP.
10. Economy of Russia – $1.8 trillion
Russia’s economy is set to grow to be the tenth largest economy in the world in 2024. It has gradually transformed from a planned economy to a mixed market-oriented economy. Russia has vast natural resources, especially oil and natural gas.
Russia’s foreign exchange reserves are the fifth largest in the world. It has a labor force of about 70 million people, the sixth largest in the world.
Russia is widely described as an energy superpower; Because it has the largest natural gas reserves in the world, the second largest coal reserves, the eighth largest oil reserves and the largest oil shale reserves in Europe.
It is the world’s leading natural gas exporter, the second largest natural gas producer, and the second largest oil exporter and producer. Russia is the world’s second largest exporter of arms. Russia also has the fifth largest number of billionaires in the world. It is ranked 62nd by GDP per capita.
- GDP (nominal) – $1.86 trillion (2024)
- GDP per capita – $13,006
- Population – 145.9 million
- GDP (PPP) – $5.22 trillion (6th)
See Also: Richest Countries In The World
09. Economy of Canada – $2.1 trillion
The Canadian economy is a highly developed mixed economy. Also, it ranks 9th among the top 10 largest economies in the world in 2024 by nominal GDP and the 16th largest by PPP.
Like other developed nations, the country’s economy dominates the service industry which employs about three quarters of Canada’s people.
Canada has the third largest petroleum reserves in the world and is the fourth largest exporter of petroleum. It is also the fourth largest exporter of natural gas.
Canada is considered an energy superpower due to its abundant natural resources and a small population of 37 million inhabitants relative to its land area.
In addition, the Toronto Stock Exchange is the eighth largest stock exchange in the world by market capitalisation. It lists more than 1,500 companies, with a market capitalisation of over US$3 trillion.
- GDP (nominal) – $2.11 trillion (2024)
- GDP per capita – $53,247
- Population – 37.4 million
- GDP (PPP) – $2.47 trillion (16th)
08. Economy of Italy – $2.1 trillion
Italy’s economy is the third largest national economy in the European Union. Also, it ranks 8th among the top 10 largest economies in the world in 2024 by nominal GDP and the 13th largest by purchasing power parity (PPP).
Additionally, Italy is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. It is the world’s tenth largest exporter with $632 billion exported in 2019.
It has close trade relations with other European Union countries. With these he handles about 59% of his total business.
Italy owns the world’s third-largest gold reserves, and is the third-largest net contributor to the budget of the European Union. Furthermore, the advanced country’s personal wealth is the largest in the world.
- GDP (nominal) – $2.18 trillion (2024)
- GDP per capita – $37,146
- Population – 60.4 million
- GDP (PPP) – $3.28 trillion (13th)
07. Economy of France – $3.0 trillion
France’s economy is highly developed and free-market-oriented. It ranks seventh among the top 10 largest economies in the world in 2024 by nominal GDP and the ninth largest by purchasing power parity (PPP).
France is the third largest economy in Europe by Jan 2024, after the economies of Germany and the United Kingdom.
Moreover, France has a diversified economy, which dominates the services sector. While the industrial sector accounts for 19.5% of the GDP and the rest of the primary sector is 1.7%. According to the IMF, in 2020, France was the 20th country in the world with a per capita GDP of $ 46,315.
- GDP – $3.04 trillion (2024)
- GDP per capita – $46,315
- Population – 65.2 million
- GDP (PPP) – $4.0 trillion (9th)
06. Economy of United Kingdom – $3.3 trillion
The United Kingdom economy is a highly developed social market and market-oriented economy. Also, it is the six largest economy in the world in 2024 by nominal GDP and the 10th largest by purchasing power parity (PPP).
The Economy of the UK has the twenty first largest per capita GDP. It is making 3.3% of world GDP. Moreover, the UK is one of the most global economies. This includes England, Scotland, Wales and Northern Ireland.
In 2019, the UK was the world’s fifth largest exporter and fifth largest importer. In 2020, the UK’s trade with 27 EU member states accounted for 49% of the country’s exports and 52% of its imports.
- GDP (nominal) – $3.33 trillion (2024)
- GDP per capita – $48,912
- Population – 67.8 million
- GDP (PPP) – $3.98 trillion (10th)
See Also: Happiest Countries In The World
05. Economy of India – $3.7 trillion
India’s economy is known as a middle income developing market economy. It ranks fifth among the top 10 economies in the world in 2024 by nominal GDP and the third largest by purchasing power parity (PPP).
According to the International Monetary Fund (IMF), on a per capita income basis, India ranks 139nd from GDP (nominal) and 122th from GDP purchasing power parity PPP in 2021.
Since the beginning of the 21st century, annual average GDP growth has increased from 6% to 7% from 2014 to 2018.
India was the fastest growing major economy in the world, overtaking China. Historically, India was the largest economy in the world from the first century to the 19th century.
- GDP (nominal) – $3.73 trillion (2024)
- GDP per capita – $2,612
- Population – 1.38 trillion
- GDP (PPP) – $14.26 trillion (3rd)
04. Economy of Japan – $4.2 trillion
Japan’s economy is a highly developed free market economy. Also, it is the third largest economies in the world 2024 by nominal GDP and the fourth largest by purchasing power parity (PPP). The Economy of Japan is the world’s second largest developed economy.
Moreover, Japan is the world’s third largest automobile manufacturing country. It ranks first in the world in the Economic Complexity Index. And It is also the world’s third largest consumer market.
Japan is a member of the G7 and G20. According to the International Monetary Fund, the country’s per capita gross domestic product (PPP) is $33,950.
- GDP (nominal) – $4.23 trillion (2024)
- GDP per capita – $33,950
- Population – 126.4 million
- GDP (PPP) – $6.71 trillion (4th)
03. Economy of Germany – $4.4 trillion
Germany’s economy is a highly developed social market economy. It has the largest national economy in Europe. It is the third largest economies in the world 2024 by nominal GDP and the fifth largest by purchasing power parity (PPP).
Moreover, according to the International Monetary Fund (IMF) in 2017, the country accounted for 28% of the euro area economy. Germany is a founding member of the European Union and the Eurozone.
Also, it is one of the largest exporters globally with goods and services worth $ 1810.93 billion exported in 2019.
- GDP (nominal) – $4.42 trillion (2024)
- GDP per capita – $52,824
- Population – 83.78 million
- GDP (PPP) – $5.71 trillion (5th)
02. Economy of China – $17.70 trillion
The economy of the People’s Republic of China is a market-oriented economy. Incorporates economic planning through industrial policies and strategic five-year plans.
It is the second largest economy in the world in 2024 by nominal GDP and net wealth and the largest by purchasing power parity (PPP).
China has the world’s fifty six per capita gross domestic product nominal and the seventy per capita gross domestic product PPP in 2024.
In addition, an official forecast states that China will become the world’s largest economy by 2028 at nominal GDP. Historically, China was one of the world’s largest economic powers for 1 to two millennia until the 19th century.
- GDP (nominal) – $17.70 trillion (2024)
- GDP per capita – $12,541
- Population – 1.43 trillion
- GDP (PPP) – $35.04 trillion (1st)
See Also: Largest Continent In The World By Area
01. Economy of the United States – $26.94 trillion
The United States economy is a highly developed mixed economy. It is the largest economy in the world in 2024 by nominal GDP and net wealth and the second largest by purchasing power parity (PPP).
The US has the world’s fifth-highest per capita gross domestic product (nominal) and the seventh highest per capita gross domestic product PPP in 2024.
Moreover, the United States has the most technically powerful economy in the world and its companies are technically at the forefront or close. Advances, particularly artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment.
The US dollar is the most commonly used currency in international transactions and is the world’s largest reserve currency.
The largest US trading partners are China, Canada, Mexico, India, Japan, Germany, South Korea, United Kingdom, France and Taiwan. Also, America is the world’s largest importer and the second largest exporter.
- GDP (nominal) – $26.94 trillion (2024)
- GDP per capita – $80,412
- Population – 331 million
- GDP (PPP) – $27.96 trillion (2nd)
Hi, audience here a list of 10 largest economies in the world.
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